Blue Nile Posts 17-Percent Jump Q1 Sales

A rise of close to 20-percent in engagement jewelry sales in the US, and strong growth in American and international sales pushed online net sales at Blue Nile 17 percent higher to $97.1 million in the first quarter.
 
Net income for the quarter was $832,000, up from $154,000 in Q1 of last year.
 
“We are pleased to announce significant revenue growth along with expanding profitability in the first quarter of 2013,” said Harvey Kanter, Blue Nile president and CEO. “Clearly our value proposition continues to resonate with consumers, both in the U.S. and internationally.”
 
Sales of US engagement jewelry surged 19 percent to $55.3 million, while non-engagement jewelry net sales rose 7.4 percent to $24.2 million.
 
The firm’s international net sales jumped 24.8 percent to $17.6 million, and when excluding foreign exchange rates, foreign net sales were up 25.9 percent.
 
Gross profit was $17.6 million, and cash and equivalents were $40.5 million.

Blue Nile forecasts second quarter net sales of $100 million-$105 million.
 
Blue Nile sees net sales of $440 million to $470 million for the fiscal year 2013 ending December 29.